Steve writes editorials for each issue of Forbes under the heading of “Fact and Comment.” A widely respected economic prognosticator, he is the only writer to have won the highly prestigious Crystal Owl Award four times. The prize was formerly given by U.S. Steel Corporation to the financial journalist whose economic forecasts for the coming year proved most accurate.

In both 1996 and 2000, Steve campaigned vigorously for the Republican nomination for the Presidency. Key to his platform were a flat tax, medical savings accounts, a new Social Security system for working Americans, parental choice of schools for their children, term limits and a strong national defense. Steve continues to energetically promote this agenda.

War With Iran Is Coming!

Much as the White House might wish otherwise, the U.S. will become involved. In fact, President Obama could well respond to the conflict the way he did when he went after Osama bin Laden: give U.S. forces the green light to do whatever is necessary on water and in the air to help the Israelis. What an irony, given the Administration’s determined efforts to hollow out the U.S. military in the next few years.

This conflict will obviously also roil the financial markets. Best advice to investors: Don’t panic. You’ll end up getting whipsawed if you sell during a falling market and buy back when it’s rising.

Will the turmoil upend Europe’s fragile banking system? Not if the European Central Bank and the Federal Reserve act decisively. U.S. Treasurys? No surprise, yields for a brief time would go even lower.

Wars always take unexpected turns and have unexpected consequences. May events unfold in such a way that will lead to the downfall of Iran’s ­fanatical Islamic regime.

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